Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: empanelment :: VAT RATES :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements

Direct tax mop-up likely to miss Rs 5.8 lakh crore target
March, 16th 2012

The government may fall short of the revised target for direct tax collection of Rs 5.8 lakh crore for 2011-12 fiscal by at least Rs 50,000 crore going by the latest data on advance tax payments, according to senior income tax officials.

Most of the top corporates have paid marginally higher advance tax for the quarter ending March this year which will mean that the revenue department will only be able to raise Rs 5.32 lakh crore or a little over that-which was the original target. The finance ministry had revised the tax collection targets last year in a desperate bid to boost revenue and to keep the fiscal deficit at below 5% of the Gross Domestic Product (GDP).

The government has targeted a fiscal deficit of 4.6 % of the GDP in FY 12 but with a shortfall in both direct tax collection, which includes corporate and personal income tax besides proceeds from shares divestment of state owned companies, the fiscal deficit could be higher by several percentage points, according to economists.

If the revenue department ends up with a collection of Rs 5.32 lakh crore, it will signal a growth of 20% over the year-ago period. Officials said that their reports suggest that Mumbai, which account for 35-40 % of the all India direct tax collection, will not be able to meet even the original target of Rs 2.04 lakh crore. This is despite the special drive launched by the Central Board of Direct Taxes (CBD), the apex body for direct tax administration in the country, to motivate its officers to maximise revenue collection.

The CBDT had issued warning to its chief commissioners that their transfers and promotions would be linked to the tax collections in their respective jurisdiction. "In the end, tax collection is closely linked to the performance of the economy" a senior official said.

Although the government had projected a growth of 9% at the start of this fiscal, it has now admitted that growth would be quite lower with indications that it could be close to 7%.

Most companies have reported marginal increase in profits in the last quarter of advance tax payments. However, foreign banks were an exception, reporting a substantially higher profit than last year. The three state-owned oil companies did not report any profits this quarter.

India's top lender-State Bank of India, reported an increase of Rs 150 crore to Rs 1,650 crore. The tax outgo of India's top private firm, Reliance Industries, was Rs 1,130 crore against Rs 1,054 crore. The company figures in the list of the top five tax paying companies in India. Tata Consultancy Services or TCS paid Rs 550 crore for the quarter, up by Rs 300 crore. Citibank' paid Rs 500 crore, Rs 50 crore more than the year-ago period.

HSBC's tax outgo was the same as last quarter at Rs 450 crore. However Deustche Bank's paid higher advance tax- up by Rs 130 crore to Rs 300 crore. Standard Chartered Bank paid Rs 420 crore against Rs 200 crore last year.

Life Insurance Corporation (LIC) tax payment came down by Rs 230 crore to Rs 970 crore this quarter. General Insurance Corporation reported nil tax against Rs 7 crore paid in the last quarter of 2011-12 fiscal. HUL, leading FMCG major, too reported a higher tax outgo than last year paying a higher advance tax of Rs 50 crore at Rs 200 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions